The Los Angeles Board of Airport Commissioners voted Monday, June 22nd to approve the $125 million purchase of a 20-acre parcel just east of Terminal 1 at Los Angeles International Airport (LAX).
The owners currently lease the property at 6351 Century Blvd. to a private parking lot operator who runs the property under the name “Park One.” Airport officials say they plan to allow the private operator to continue operating the parking lot pursuant to the lease and receive lease revenues.
The purchase agreement is subject to City Council approval.
“This is a strategic purchase opportunity of a site directly adjacent to LAX,” said Gina Marie Lindsey, executive director of Los Angeles World Airports (LAWA), the city agency that owns and operates LAX.
“It is the last piece of real property not separated from LAX by a major roadway not owned by LAWA. Our ability to purchase the property is a unique opportunity.”
Airport staff recommended that the airport purchase the lot because if another developer bought the land, it would likely result in a higher future value. The property owner had previously put the lot up for sale but airport management declined to make an offer.
The sellers of the property are West Century, LLC; AMB Park One at LAX, LLC; and AMB Property LP. The property will be purchased with airport revenue funds only, and there will be no impact to the City of Los Angeles general fund.